Stocks opened higher on Thursday and maintained their momentum throughout the trading day, with the technology and communications services sectors leading the way. Several Magnificent 7 stocks saw significant gains, with Nvidia (NVDA) standing out as the top performer, rising 4.5%. Meta Platforms (META) also posted a strong 3.3% gain, while Apple (AAPL) saw a slight dip of 0.1%.
The positive performance of these mega-cap stocks helped propel the Nasdaq Composite up by 1.5% to 16,273, while the S&P 500 jumped 1.0% to 5,157 and the Dow Jones Industrial Average added 0.3% to 38,791.
In other news, General Electric (GE) saw a 4.4% increase after its GE Aerospace division announced a new $15 billion stock buyback program. The company is set to split into two separate entities on April 2, with GE Aerospace becoming a standalone unit. GE stock has been on an upward trend, gaining over 88% in the past 12 months.
On the flip side, Victoria’s Secret (VSCO) experienced its worst day ever, plummeting 29.7% after reporting earnings. The company provided weak guidance for the first quarter and full year, citing ongoing challenges in the intimates market in North America.
Federal Reserve Chair Jerome Powell wrapped up his congressional testimony, reiterating the Fed’s stance on inflation and interest rates. Powell emphasized the need for sustainable inflation growth before considering rate cuts, indicating that the Fed is nearing the confidence to make such a move.
As investors await the February jobs report, initial jobless claims remained unchanged at 217,000 last week, according to data from the Labor Department. Overall, the market showed resilience and optimism on Thursday, driven by strong performances in key sectors and individual stocks.
